Investor Presentaiton

Stable Economic Fundamentals Low unemployment rate reflects solid growth in Canadian economy UNEMPLOYMENT RATE 14 12 10 6 4 2 0 Canada - official US Canada comparable to US 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2018. • Strengthening economic growth and a gradual rebound in non-energy exports Household spending remains buoyant, underpinned by relatively low and stable unemployment, as well as low borrowing costs Population and labour force growth . supported by increasing immigration Stable inflation within Bank of Canada target band HEADLINE INFLATION 6 Canada Bank of Canada Target Inflation Band (%) LABOUR FORCE PARTICIPATION RATE 64 62 22 22% 70 68 66 US -2 60 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through September (Canada) and October 2018 (US). Canada US 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2018. Scotiabank® 53

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